Co-founder of Indian e-commerce giant, Flipkart, Sachin Bansal admitted that he was replaced as chief executive of the company because of non-performance.

Bansal
was speaking at a monthly meeting on Friday in Bangalore with about
200 employees.Bansal
made the statement as employees were increasingly questioning the
company's decision to lay-off employees. In the last month, Flipkart
had laid off at
least 300 people who were non-performers.

In
Focus

In
January this year, Sachin Bansal was replaced as CEO by co-founder
Binny Bansal.

Asserting
that it was purely due to performance issues, Bansal said "Just
look at who was management six months ago, one year ago, and who is
management today. It's completely changed. Right? Yeah, I mean,
nobody is here. I have changed. I was the CEO and I have changed. It
was performance linked," according to digital media company
FactorDaily.

Since
Binny Bansal took over, he has put an entirely new team at the top
management after several top-level employees had to exit the company,
apparently due to their inability to meet targets.

Flipkart
has been facing rough waters for quite some time now with it's growth
being stalled over the past few quarters while main competitor Amazon
has maintained an upwardgrowth
rate.

Many
experts have seen Bansal's move as a method to reassure the employees
and boost their morale.

Soon
after the event, Flipkart released a statement saying, "At
Flipkart, we have an open and transparent culture. The town hall that
we conduct regularly, is one of the pillars of this culture of
openness. Our performance metrics are freely shared to encourage a
collaborative environment. Anybody is free to ask any question,
challenge existing norms and hold the leadership accountable for
business and organisational metrics.

We
believe this leads to an environment of trust, openness and respect,
and is one of the building blocks of our organisation of the future.
We are also probably the only large company in India to have this
open and collaborative culture."